A+
12%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
23%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Horn Lake Mississippi National
Cost of living8883100
Goods & Services9492100
Groceries10097100
Health care8798100
Housing7763100
Transportation8888100
Utilities9086100

An Overview of Cost of Living in Horn Lake, MS

Are you thinking about relocating, but curious about the potential cost of living in Horn Lake? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Horn Lake stands at 88, making it 12% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Is Horn Lake Affordable?

Wondering if Horn Lake is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Horn Lake, for example, the median home price is 38.1% lower than what folks pay nationally, and monthly rent is 12.4% higher than the usual rates. Plus, income levels matter too, with Horn Lake boasting a median household income of $52,181, which is 5.7% lower than the national average.

What Factors can Influence the Cost of Living in Horn Lake?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Horn Lake, the groceries index is 0.2% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Horn Lake, healthcare costs are 13.5% lower than the national average.

Where is the Data From?

The cost of living data in Horn Lake displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Horn Lake is 6% higher than the Mississippi average
  • The cost of living in Horn Lake is 12% lower than the national average
  • Horn Lake housing is 23% lower than the national average
  • Mississippi general sales tax is 37% higher than the national average
  • Mississippi state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Horn Lake

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Compare Horn Lake, MS Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$59,770$4,981$1,395$1,793
      Renters$47,072$3,923$1,098$1,412
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Horn Lake, MS, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Horn Lake, homeowners have a median income of $59,770. Using that number, a maximum of $1,395 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $47,072, which means there is a maximum of $1,098 to be spent on the costs of renting a home or apartment.

      Mississippi Sales Tax

      State General Sales Tax With Max Surtax
      Mississippi 7% 7.25%

      Mississippi Income Tax

      State Income Tax (Low) Income Tax (High)
      Mississippi 0% 5%

      Goods & Services

      Item Horn Lake National avg. Difference
      Haircut $26.94$24.2611.0%
      Beauty Salon $41.92$45.568.0%
      Toothpaste $3.62$3.702.1%
      Shampoo $1.11$1.2813.1%
      Movie $11.99$12.131.2%
      Bowling $13.75$18.0023.6%

      Groceries

      Item Horn Lake National avg. Difference
      Ground Beef $6.10$5.844.5%
      Fried Chicken $1.46$1.577.0%
      Milk $4.71$4.670.8%
      Potatoes $5.15$4.934.3%
      Pizza $10.66$12.0911.8%
      Beer $9.95$10.414.4%

      Health Care

      Item Horn Lake National avg. Difference
      Optometrist $77.39$125.6838.4%
      Doctor $124.94$135.788.0%
      Dentist $91.51$113.2919.2%
      Ibuprofen $10.19$10.654.4%
      Lipitor $518.09$468.6010.6%

      Housing

      Item Horn Lake National avg. Difference
      Home Price $114,300.00$184,700.0038.1%
      Avg. Mortgage Payment $2,240.45$2,346.694.5%
      Apartment Rent $1,067.00$949.0012.4%

      Transportation

      Item Horn Lake National avg. Difference
      Gasoline $3.14$3.469.3%
      Tire Balancing $55.67$59.927.1%

      Utilities

      Item Horn Lake National avg. Difference
      All Electricity $163.38$193.9915.8%
      Phone $192.72$192.250.2%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Horseshoe Lake, AR4357920.7%
      West Memphis, AR24,6568218.2%
      Edmondson, AR4008316.6%
      Walls, MS1,4158614.2%
      Memphis, TN650,9108613.9%
      Horn Lake, MS27,2348811.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Elmira, NY27,2368712.8%
      Mint Hill, NC27,25811111.3%
      Dieppe, NB27,260n/a 
      New Smyrna Beach, FL27,20711111.4%
      Ramsey, MN27,20111211.8%
      Horn Lake, MS27,2348811.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.